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Thread: VA Loans - and My Dilemma

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    See, the Thing is... Cow Poke's Avatar
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    VA Loans - and My Dilemma

    OK, we have two offers on our house.

    One is a VA loan, the other is conventional.
    Both are for the asking price, and both seem anxious to buy.

    Here's the dilemma:

    The VA loan Offer, which I have not yet accepted, comes with a bunch of baggage.
    I'm told that I need a Termite Inspection - even though I have had quarterly treatments from a professional pest control company for the past 8 years, which includes termite monitoring/reporting.
    The Termite inspection must be paid for by the seller (me), and cannot be added to the sale price of the property.
    I'm also told that I have to provide - at my expense - an appraisal for the buyer, and there is wording in the "third party finance addendum" that prohibits the buyer from paying more than the appraised value, and I cannot add the cost of the appraisal to the sale of the property.
    Other things like I have to have all shrubbery, bushes, trees, vegetation, etc 18" away from any part of the building, and mulching has to be at least 18" away from the foundation.

    WOW!

    That pretty much destroys our "country look", and pretty much requires the total removal of all plants along the back wall of our home.

    The other offer - the Conventional Loan - has none of these stipulations/requirements.

    It's like, in an attempt to "help" the Veteran, this VA Loan is all but guaranteeing that I don't choose his offer over the other.

    I'm eligible, myself, for VA loans, but have never used one -- I've always found it much simpler and more cost effective to go "conventional".

    To those of you who may have used VA loans - what's the attraction? From what I understand, it's not a better interest rate, or better guaranty of financing... why would one go through all the red tape of a VA loan over conventional?
    Is it that the down payment requirement is so much less?

    My neighbor, also a Vet, says he never used a VA loan, either, because of all the red tape and frustration.
    Every problem is the result of a previous solution.

  2. Amen Jedidiah amen'd this post.
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    God, family, chicken! Bill the Cat's Avatar
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    VA provides for 100% financing whereas other finance options typically do not.


    Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals --- Manya the Holy Szin --- The Quintara Marathon ---

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    See, the Thing is... Cow Poke's Avatar
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    Quote Originally Posted by Bill the Cat View Post
    VA provides for 100% financing whereas other finance options typically do not.
    Yeah, I'm seeing that.
    Every problem is the result of a previous solution.

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    Troll Magnet Sparko's Avatar
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    can the va buyer sign something saying he will buy it without those requirements?

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    God, family, chicken! Bill the Cat's Avatar
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    Quote Originally Posted by Sparko View Post
    can the va buyer sign something saying he will buy it without those requirements?
    No. It is a VA requirement.


    Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals --- Manya the Holy Szin --- The Quintara Marathon ---

    I may not be as old as dirt, but me and dirt are starting to have an awful lot in common --- Stephen R. Donaldson ---

  8. Amen DesertBerean amen'd this post.
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    See, the Thing is... Cow Poke's Avatar
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    Quote Originally Posted by Bill the Cat View Post
    No. It is a VA requirement.
    Yeah, it's actually spelled out in the contract.
    Every problem is the result of a previous solution.

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    Evolution is God's ID rogue06's Avatar
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    Quote Originally Posted by Cow Poke View Post
    Yeah, it's actually spelled out in the contract.
    And you, of course, checked that spelling

    I'm always still in trouble again

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    tWebber
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    Quote Originally Posted by Bill the Cat View Post
    VA provides for 100% financing whereas other finance options typically do not.
    No, or incredibly small, down payments, too.


    There should be ways around the plant requirements as their designed to keep vets being scammed on rundown propeeties

    Isn't this more of a lobby thread? Why civics?
    Last edited by Jaecp; 04-25-2016 at 01:44 AM.

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    See, the Thing is... Cow Poke's Avatar
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    Quote Originally Posted by Jaecp View Post
    No, or incredibly small, down payments, too.


    There should be ways around the plant requirements as their designed to keep vets being scammed on rundown propeeties
    I haven't read the contract in detail, but I think that was actually linked to the termite issue - there seems to be nearly a phobia about termites.

    Isn't this more of a lobby thread? Why civics?
    Because, in a way, this is a classic case of the government messing up something they intend to help. I received a competing contract with a slightly lower offer, but given all the factors, it seems to be far less headache than entertaining the VA offer.
    Every problem is the result of a previous solution.

  14. Amen DesertBerean, RumTumTugger amen'd this post.
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    If th govt is payin for a house.....I guss they want to make sure its 100 percent pristine?
    A happy family is but an earlier heaven.
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